Blockchain becomes mainstream

While enabling trusted transactions is the concept, blockchain can create business value in multiple ways, two primary means being enhancing efficiency (cutting time and cost) and reducing/ removing risk.

According to a report published by World Economic Forum in August 2016, there were 24 plus countries working on blockchain, with several central banks involved in trials. Even in India, most trials are taking place, including one by RBI research unit, IDRBT.

According to the recently published Infosys research, global financial services organizations have identified cross-border payment as the top priority use case of blockchain. No country will gain as much from a more efficient execution of cross-border payments as India will.

In less than a year, Indian banking industry was ready with some trials.

While opportunities are immense, there are challenges that remain. These challenges could be operational, technological as well as regulatory.